Date: 11/16/2005. Dear Sir,

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1 Seaside Marine Surveyors LLC Gary Friend, MMS, SA P.O.Box 25, Port Jefferson Station, N.Y Phone USSA, SAMS Date: 11/16/2005 Dear Sir, Please find the enclosed Marine Survey Appraisal Report that you requested. I personally inspected the subject vessel on 11/16/2005 at dry dock, while hauled on blocks. The vessel was damaged by a vehicle impact and the intent of this appraisal is to find the value of this vessel, compared to other vessels of the same model and year with similar appurtenances before the damage occurred. This type of survey is intended to assist sellers, banks, and insurance companies reach a conclusion on the value of a vessel and her equipment. This survey has two primary components; one is to identify the vessel and second to establish a fair market value of the vessel and its components. There is no safety inspection or reference to ABYC or USCG standards. There is no reference to non-compliance or safety issues addressed within this type of report. The survey report is subject to the following limitations. This survey should not be construed as an engineering analysis. It is not possible to verify or determine the types of fiberglass, resins, cores, or laminating schedule the manufacturer has used in the construction of the vessel. There was no withdrawal of any shafts. There was no opening of joiner work, paneling, void spaces, or tankage. There were no removals of decking of any type, or destructive testing undertaken. There was no disassembly of hull structure, engines, machinery, electrical, plumbing or other equipment. Assessment thereof is limited to what is externally visible, or ascertainable from operation. The survey report represents a statement of visually observable conditions, and is neither a guarantee nor a warranty of the condition of the vessel, its hull, machinery, unforeseen or undetected damages or other conditions that may exist. As a result of my inspection, and by virtue of my experience, my findings are as follows. Overall vessel condition: Poor (As stated above) Fair Market value: $ 14, Salvage Value: To be determined 1

2 Client and General Data N Type of Survey: Appraisal Survey N Date of Survey: 11/16/2005 N Client Name: XXXXXXXXXX N Client Address: XXXXXXXXXXXXXXX N Client Phone Number(s): XXXXXXXXXXXXXX N Survey Site: XXXXXXXXXXXXXXXX N Hauled: Yes N Afloat: No N Conditions at time of survey: ˆ Temperature: 61 degrees ˆ Precipitation: None ˆ Skies: Clear ˆ Winds: NW mph ˆ Wave Height: N/A Vessel Description N Builder Designer: Chris Craft N Year/Make/Model of Vessel: Chris Craft Catalina N Propulsion Type: Dealers Marine inboard, GM 350 ci, 260 hp N Hull Identification Number: XXXXXXXXXXXXXXXX N Registration Number: NY-XXXXXX N Vessel Name: None N Vessel Use: Pleasure N Hull Material: Fiberglass laminate N Hull Type: Modified vee N L.O.A.: 28 feet N Beam: 10 9 N Draft: 2 5 N Displacement: 6950 lbs N Fuel: Gas N Tankage: ˆ Fuel: 100 gallons ˆ Water: 35 gallons ˆ Holding: 10 gallons 2

3 Hull and Structure Inspection Material Condition: Damaged hull and top decks Production/Custom Built: Production Alterations: None Propellers: Bronze three blade Trim Tabs: Yes Transducers: One thru-hull. One transom mount Mercathode System: No Bow Thruster: No Comments: Hull has extensive damage. This appraisal is intended to be used for comparison purposes and to estimate the value of a comparable hull in good condition. Deck/Bow and Cockpit Inspection Material Condition: Fair Deck Hardware: Stainless cleats, chocks and bow rail Fish Boxes: None Tackle Station: None Insulated Coolers: None Comments: Top decks are in fair condition and show signs of wear and aging. Helm/Bridge Station Electronics Box: None Hard Top: No Bimini Top: Yes Side Curtains: Yes Full Enclosure: Yes Comments: Enclosure is in good condition. Helm has full gauge package. Electronics Compass: Saturn m-100 VHF Radio: Standard Horizon Eclipse Depth Sounder: Lowrance x-65 Speed Log: No GPS: No Loran-C-Receiver: No Radar: No Radar Dome: No Fish Finder: Lowrance x-65 Stereo: Jensen 400 marine am/fm/cd player with four speakers Comments: Electronics are dated but are operational. 3

4 Cabin and Interior Material Condition: Good Lighting: 12-volt fixtures Electronics: None Art Work: None Fine Furnishings: None Sculptures: None Comments: Stock interior, with no alterations. Interior shows good housekeeping Galley Material Condition: Good Countertop: Formica Sink: Stainless Stove: Princess dual burner alcohol Oven: No Range: No Refrigerator: No Microwave: No Convection Oven: No Comments: Icebox replaces refrigerator, galley shows good house keeping Head Material Condition: Porcelain Sanitation System: Jabsco type three with holding tank How Many: One Shower: Yes Vanity: Yes Sink: Yes Hot/Cold Water: Yes Comments: Head compartment is in good condition with no foul odor. Gas/Diesel: Gas Hour Meter: None Inboard/Outboard: Inboard Manufacturer: Dealers Marine Year: 1999 Model #: Unknown Serial #: Unknown Horsepower: 260 hp Fresh Cooled: Yes Transmission: Yes Make: Borg Warner Propulsion System 4

5 A/C System Shore power connections: Yes, one Voltage: 115 volt Amps: 30 amps Distribution Panel: Yes, circuit breakers Isolating Transformer: No Electrical System D/C System Voltage: 12 volt: Distribution Panel: Yes, fused switches Batteries: Three Nautilus Exide Power Master starting batteries Converter: No Battery Charger: Yes, 30 amp automatic Gas/Diesel: None Hour Meter: N/A Manufacturer: N/A Year: N/A Model #: N/A Serial #: N/A Voltage Rating: N/A Fresh/Saltwater Cooled: N/A Generator Ground Tackle Anchors: Yes Chains: Three feet Rodes: 150 feet Lines: Yes Comments: Anchor rode enters deck through a hawse pipe Bimini Top and side curtains Swim Platform with boarding ladder New alternator in 2005 New carburetor in 2005 Dual windshield wipers Flush mount rod holders Fresh water wash down Additional Items 5

6 Summary and Valuation This survey cannot be construed to guarantee or warranty, the condition, or operational condition of the vessel. The vessel was damaged by a vehicle impact and the intent of this appraisal is to find the value of this vessel, compared to other vessels of the same model and year with similar appurtenances before the damage occurred. To the best of my ability, after a careful visual inspection, on this date of 11/16/2005, I submit this report. Due to its condition, the value is: $14, Surveyors Certification I certify that, to the best of my knowledge and belief: N The statements of fact contained in this report are true and correct to the best of my ability. N The reported analyses, opinions, and conclusions are limited only by the report assumptions and limiting conditions, and is my professional, unbiased analyses, opinions, and conclusions. N I Have no present or prospective interest in the vessel that is the subject of this report, and have no personal interest or bias with respect to the parties involved. N My compensation is not contingent upon the reporting of a predetermined value or direction in value, that favors the cause of the client, the amount of the value estimate, the attainment of a stipulate result, or the occurrence of a subsequent event. N I have made a personal inspection of the vessel that is the subject of this report. This report is submitted without prejudice and in good faith for the benefit of whom it may concern. Respectfully, Seaside Marine Surveyors LLC Gary Friend, MMS, SA Date of report completion 11/16/2005 6

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